The cryptocurrency market is seeing slight profit-taking on Monday. Elrond (EGLD) is one of the few assets up, exploding to fresh all-time highs of $500 on Nov. 22. At the time of writing, Elrond was exchanging hands at $490, up 19.53% in the last 24 hours and 47.48% weekly. Elrond describes itself as a highly scalable, fast, and secure blockchain platform for distributed apps, enterprise use cases, and the new internet economy. The Maiar Exchange, Elrond’s DEX AMM platform that aims to bring DeFi adoption to an internet-scale officially launched on Nov. 19. Owing to this, fresh growth was triggered with $1.9 billion TVL on Maiar DEX and the EGLD token set to mark the 4th consecutive day in the green. To supercharge the launch, Elrond had announced a Liquidity Incentive Program, where 1.29 billion dollars worth of MEX tokens – of which $282M in the first month – will be distributed to Maiar DEX users who will provide liquidity in EGLD, MEX, and USDC tokens.
Key Levels
Resistance Levels: $600, $560, $520
Support Levels: $400, $350, $300
EGLD/USD Daily ChartElrond is creating the fourth straight green day after the bounce off the $296 low on Nov. 20. The EGLD/USD pair skyrocketed past $400.00 to uncharted territory and above the $348 ceiling that kept the bulls in consolidation, sending the fast-RSI well into the overbought territory. The latter increases the odds for a minor consolidation or correction.
In case of declines, the bears will probably challenge the $390 and $348 levels ahead of the strong MA 50 support at $285, from where the bulls may resume another uptrend. On the flip side, EGLD price could search for new record highs somewhere between the $500 and $700 round numbers. The bullish crossing between the positively aligned MA 50 and 200 keeps optimism intact.
ELGD/USD 4-Hour ChartElrond has ticked higher over the last 4 hour sessions, after re-activating an uptrend off the $286 floor near the MA 200. The recent move rests near a fresh all-time high of $493. More advances could send the price into uncharted territory, flirting with the $500 and $600 levels. Otherwise, if the market weakens below the $400 psychological mark, the $370 support could come into focus.
Moving lower, the MA 50 currently at $339 could attract traders’ attention before touching the MA 200 at $301. In brief, the EGLD price is viewed as strongly bullish, though a minor consolidation or correction may occur to cool the RSI. However, corrective dips could be regarded as an entry point into the market as EGLD may briefly consolidate before tackling the next height.
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